MMG - Launch of a world class resources group

18 Jun 2009 12:00 AMMedia Release

Today marks the historic launch of MMG (Minerals and Metals Group), which has been formed following the completion of the acquisition earlier this month by China Minmetals Non-ferrous Co., Ltd of key OZ Minerals’ assets.

Speaking at the launch of MMG and the unveiling of its new logo, the President of China Minmetals Corporation, Mr Zhou Zhongshu, expressed his company’s excitement at having the opportunity to be part of the formation of a world-class resources group.

“The organisation we launch here today has strength and a clear direction in its aim to develop world class mineral and metal projects.

“My hope is that it will come to be recognised as a familiar and respected participant in the Australian and international mining and exploration community and symbolise the long-term partnership over many years between our company and Australia and between our respective countries,” he said.

Mr Zhou reinforced the strong links between Australia and China and the mutually beneficial outcomes he hoped would flow from the joint exploration and development of resources.

“The purchase of these assets is the largest single transaction that Minmetals have ever undertaken and, in acquiring 100% of these assets, it is also the largest such purchase in Australia by a Chinese company.

“We will honour all our existing commitments but, importantly, we hope to deliver new opportunities for the Australian resources industry, expand our workforce domestically, continue to support local communities and grow local economies as global conditions improve,” he said.

Mr Andrew Michelmore, MMG’s Chief Executive Officer, said that he was looking forward to the challenge of delivering on the high expectations that China Minmetals Corporation, the Australian Government and local communities had for MMG.

“With established mining assets in Australia and Laos, and exciting exploration and development opportunities domestically and around the world, I am confident MMG is well positioned to deliver on these expectations.

“We have the fundamentals here - the people, the resources, the drive and the commitment - to create a great business,” he said.